06-27-1977HOUSING AND REDEVELOPMENT AUTHORITY
OF RICHFIELD, MINNESOTA
Regular Meeting of June 27, 1977
The Housing and Redevelopment Authority of the City of Richfield met in
regular session in the Council Chambers of the City Ha11 on June 27, 1977 at
7:56 PM.
The meeting was called to order by Chairman Law.
Present: Anderson, Jacobsen, Ludeman, Luettinger, Law
1. Minutes
Motion by Ludeman, seconded by Jacobsen that the minutes of the regular
meeting of June 13, 1977 be approved as submitted.
All ayes - Carried.
2. Selection for Developer-for Liquor Store Parcel
Wayne Burggraaff, executive director, reported that the HRA staff had been
working with a developer interested in constructing a small commercial center
north of the Lyndale Liquor Store but recommended that development proposals be
formally solicited prior to entering into negotiations on a development contract.
Richard Krier, planning director, answered questions regarding "Criteria
for Developer Selection".
Motion by Ludeman, seconded by Luettinger to amend NumLex 5 of the "Criteria
for Developer Selection" to state that - 'potential developers give first preference
to tenants being displaced by other L/H/N activities'.
All ayes - Carried.
Motion by Anderson, seconded by Ludeman to adopt the amended "Criteria
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for Developer Selection" and to authorize the advertisement for developers in
the area north of the municipal liquor store.
All ayes - Carried.
3. Request for Issuance of Redevelopment Bonds
The executive director reviewed the change in the proposed financing of
HRA Meeting Minutes -2- June 27, 1977
the L/H/N tax increment project. Originally it was anticipated that a bond
issue in the amount of $6,270,018 would be needed, but more detailed planning
has resulted in the need for only $4,700,000 in redevelopment bonds at this
time.
Lawrence_Wozniczka, 6744 Wentworth, asked if there was a financial plan
for repayment of the bonds. The executive director explained that increment
from the K-Mart project and general increment in the L/H/N project would be
sufficient for debt service needs. He advised that this represented a con-
servative approach and that other funds generated by the L/H/N project could
be made available if necessary. Mr. Wozniczka stated he was opposed to the
bond issue due to lack of an absolute guarantee that the anticipated increment
would be adequateo
Motion by Jacobsen, seconded by Anderson that the following resolution
be adopted; that it be spread in the resolution book and that it be made a
part of these minutes:
RESOLUTION N0. 37
REDETERMINING THE-NEED FOR FINANCING: REQUESTING
THE CITY COUNCIL TO ISSUE AND SELL GENERAL OBLIGATION
REDEVELOPMENT BONDS TO FINANCE PUBLIC REDEVELOPMENT
COSTS IN THE LYNDALE-HUB-NICOLLET REDEVELOPMENT AREA
PoII of votes: Ayes - Anderson, Jacobsen, Ludeman, Luettinger, Law. Nayes -
None. Carried. This resolution appears as Resolution No. 37 in Resolution
Book⢠No. 1.
4. Claims and Pa roll
Motion by Anderson, seconded by Luettinger that the following claims
and payrolls be approved:
SUMMIT STATE BANK
Checks 1263/1272 1303/I319 $2,181.05
All ayes - Carried.
HRA Meeting Minutes -3- ~ June 27, 1977
5. Adjournment
Motion by Jacobsen, seconded by Anderson that the meeting adjourn.
A11 ayes - Carried. Time: 8:30 PM. ''
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Date Approved : ~ ~,. ~ ' j ~ ~~~'~~
,o - ~~ ~~ Loren L. L Chairman
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Secretary
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